CarGurus price target raised to $45 from $39 at Needham

Needham analyst Chris Pierce raised the firm’s price target on CarGurus (CARG) to $45 from $39 and keeps a Buy rating on the shares after talks with its management team at the 7th Annual Needham Growth Conference. The discussion affirmed Needham’s thesis that CarGurus is winning dealer customer mindshare and walletshare vs. used auto marketplace peers, with further upside leverage given the company’s industry leading ROIs, the analyst tells investors in a research note. The company looks increasingly well positioned as their customer base steps up their reliance on data to drive their business, the firm added.